NOTICE OF PUBLIC REFERENDUM

Please take notice that pursuant to General Municipal Law Section 216, a public referendum of eligible residents of the Town of Taghkanic in the former Churchtown Fire Protection District (fp281) will take place on December 9, 2025, between the hours of 1:00 pm and 7:00 pm at the Taghkanic Town Hall, located at 909 Route 82, Taghkanic, Columbia County, State of New York for the purpose of voting upon the following proposition:

THE TOWN BOARD OF THE TOWN OF TAGHKANIC ADOPTED A RESOLUTION ON NOVEMBER 10, 2025 AUTHORIZING, PURSUANT TO ARTICLE 11-A OF THE GENERAL MUNICIPAL LAW OF THE STATE OF NEW YORK, A PUBLIC REFERENDUM OF ELIGIBLE VOTERS OF THE TOWN OF TAGHKANIC IN THE FORMER TAGHKANIC FIRE PROTECTION DISTRICT #1. 

THE RESOLUTION SEEKS APPROVAL TO ABOLISH (TERMINATE) THE DEFINED BENEFIT SERVICE AWARD PROGRAM, WHICH WAS ESTABLISHED EFFECTIVE JANUARY 1, 2006, AND IS ADMINISTERED BY THE TOWN BOARDS OF TAGHKANIC AND CLAVERACK FOR ACTIVE VOLUNTEER FIREFIGHTER MEMBERS OF THE CHURCHTOWN VOLUNTEER FIRE COMPANY. THE ABOLISHMENT OF THE FORMER TAGHKANIC FIRE PROTECTION DISTRICT #1 SERVICES WAS EFFECTIVE DECEMBER 11, 2023, LEAVING ONLY DISTRIBUTION OF PAYMENTS TO BE MADE.

ALL PROGRAM PARTICIPANTS WHO HAVE EARNED SERVICE AWARDS WILL RECEIVE A ONE-TIME LUMP SUM PAYMENT FROM THE ACCUMULATED ASSETS OF THE PROGRAM TRUST FUND AS OF JANUARY 1, 2025. THE PROGRAM’S FUNDED RATIO WAS 81%, ACCORDING TO THE ACTUARIAL VALUATION REPORT PREPARED BY THE PROGRAM ACTUARY. THE MARKET VALUE OF ASSETS IN THE TRUST FUND AS OF DECEMBER 31, 2024, WAS $637,150.

PARTICIPANTS SHALL RECEIVE A ONE-TIME LUMP SUM EQUAL TO A PROPORTIONATE AMOUNT OF THE ACTUARIAL PRESENT VALUE OF THEIR ACCRUED MONTHLY SERVICE AWARD, TO THE EXTENT FUNDED BY TRUST FUND ASSETS. THIS AMOUNT SHALL BE REDUCED BY ANY SERVICE AWARDS PREVIOUSLY PAID. THE ACTUARIAL PRESENT VALUE CALCULATIONS WILL BE BASED ON THE ACTUARIAL ASSUMPTIONS USED IN THE JANUARY 1, 2025 ACTUARIAL VALUATION REPORT.

THE TOWNS OF TAGHKANIC AND CLAVERACK WILL ALSO PAY A ONE-TIME COMBINED ADMINISTRATIVE FEE OF $8,700 FROM PROGRAM ASSETS TO PENFLEX ACTUARIAL SERVICES, LLC, THE ADMINISTRATOR OF THE SERVICE AWARD PROGRAM FOR ADMINISTRATIVE SERVICES. THE TOWNS WILL ALSO PAY $750 FOR LOSAP AUDIT PREPARATION SERVICES.

THEREFORE, SHALL THE RESOLUTION TO ABOLISH THE CHURCHTOWN SERVICE AWARD PROGRAM BE APPROVED AND PAY PARTICIPANTS THEIR EARNED SERVICE AWARD?

Please take further notice that a copy of the aforesaid resolution is available for inspection at the Taghkanic Town Hall, and that every person who shall be a registered voter and who shall have resided in the former Churchtown Fire District for a period of thirty days immediately preceding the referendum shall be eligible to vote upon the proposition.